I agree with TJ; I think the shares issued to directors are part...

I agree with TJ; I think the shares issued to directors are part of the RI. Great news that they participated but given that most of them did not take up their full entitlement, I still find this mildly disappointing. Granted, we know nothing about their personal financial positions and many have large option positions, so I don't mean to be critical in any way. My simple mind uses the formula that if (short to medium term Gain = BIG), then who wouldn't take what they could get. I think Warren may have taken his full entitlement and again put significant amounts of capital down to do so. Warren is a long term share holder and always a 100% committed supporter which is very reassuring to see. For the record I fully subscribed to the RI and applied for extra. I can't help but compare IVX to companies like PBT who even after their recent disappointing trial news still have market Caps many multiples higher than ours.